105 – How to Protect Your Company & Scale Your Startup – with Scott Smith of Royal Legal Solutions

If you want to keep your business over the long haul, you can’t leave it all to chance. Legal troubles can ensue, and it may have nothing to do with anything you’ve done wrong. In this episode of The New Music Industry Podcast, I interview Scott Smith of Royal Legal Solutions who shares not only about how to protect your business but also the steps we need to take to scale our businesses. Download the PDF Transcription Podcast Highlights: 00:14 – Introductions 00:26 – How can we legally protect our companies? 02:09 – Do online businesses get sued too? 03:47 – What steps do people need to take to fully protect their company? 06:27 – GDPR and compliance 10:53 – How can you invest tax free to increase returns by 20% automatically? 13:21 – Are there any advantages to being set up as a self-employed or entrepreneur from a tax perspective? 15:09 – How do attorneys think about startups? 16:50 – What sort of missteps do people make when scaling their business, and how do we avoid them? 18:53 – Why jumping on the latest technology might not be helping you grow your business 22:29 – Selling your personality as a product? 26:10 – What social media is for 28:56 – The basics of music copyright and analysis paralysis 37:45 – The downside of attaching meaning to every event 39:43 – Burnout and the benefits of meditation 41:16 – Working excessively 43:57 – The high costs of burnout 46:07 – What are some of the biggest challenges you’ve experienced on your journey? 48:30 – What are some of the biggest victories you’ve experienced on your journey? 52:39 – Balance and sustainability 56:03 – Are there any books that have helped you on your journey? 57:59 – Is there anything else I should have asked? Transcription: David Andrew Wiebe: Today I’m joined by Royal Legal Solutions’ Scott Smith. How are you today, Scott? Scott Smith: I’m having a great day today man. How’s it been going with you? David Andrew: Not bad at all. It's been a crazy day but I’m looking forward to this conversation. So, today we're going to be looking at something that has yet to be discussed in the podcast but could be one of the most important aspects of running and growing a rock-solid business, which is the legality of running a business. Now, some of you might be starting to tune out already but maybe when you hear this stat you'll begin to pay more attention. “Over 90% of corporations will be sued in the US.” So, Scott, please elaborate on this. How can we protect our companies fully? Scott: Yeah. Well, you just got to know that if you're in an active business that you should anticipate a lawsuit. The reason why is not because most people are shystey or anything like that. If you're in an active business, you should anticipate a lawsuit.Share on X It really has to do with its people having disagreements about what they think they agreed to and then whatever's on the piece of paper. Right? And then now you have a lawsuit because people get angry. So, to really think that you're never going to be sued is really to say like everybody I do business with for forever is always going to love me no matter what. I'm never going to be angry with them. That’s silly. We, at Royal Legal Solutions, we principally are working with a lot with real estate investors because those have huge amounts of capital tied up into assets and what they need to be doing with their portfolios of assets in combination with litigation protection. But for everybody in your audience, you really got to think about what are the really simple things that you could be doing immediately to just take you from having zero protection into having some protection. The best way to do that would just be like… I don’t know. Just like a simple even one to two LLCs would take you from having nothing into having a very high level of protection if you use them correctly. David Andrew: Now,